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Progress Energy Invests Nearly $9 Million in Community Projects in 2003

Submitted by: Progress Energy

Categories: Community Development

Posted: Jan 20, 2004 – 11:00 PM EST


Jan. 20 /CSRwire/ - RALEIGH - In a continuing commitment to good corporate citizenship, Progress Energy today reported that the company's foundation investments totaled nearly $9 million in 2003. Funds were distributed to nonprofit organizations throughout the Florida and Carolinas
service areas.

"Progress Energy is not just a power company -- we are a family of people who live and work in the communities we serve. We strive to be good corporate citizens, but we also have a personal interest in educating our youth, being good stewards of the environment, and helping to create jobs," said Bill Cavanaugh, chairman and CEO of Progress Energy. "Our hope is that the programs and projects we fund will make a positive difference in the lives of our customers and employees throughout the service territory."

The foundation's investments reflect the company's vision for improving the quality of life in the communities it serves. By concentrating its efforts in four strategic areas - education, economic development, the environment and employee involvement - Progress Energy has been able to make significant and effective contributions, maximizing the impact of funds.

"It is at the core of our company's culture to act with integrity, and we take that responsibility seriously," added Cavanaugh. "It applies to the way we do business and the way we support the community. We remain committed to the people we serve and look forward to the new opportunities 2004 may bring."

The foundation's 2003 annual report is available on Progress Energy's Web site. English and Spanish versions may be found at http://www.progress-energy.com/community/foundation/foundationreport.asp

Progress Energy (NYSE: PGN), headquartered in Raleigh, N.C., is a Fortune 250 diversified energy company with more than 24,000 megawatts of generation capacity and $8 billion in annual revenues. The company's holdings include two electric utilities serving more than 2.8 million customers in North Carolina, South Carolina and Florida. Progress Energy also includes nonregulated operations covering competitive generation, energy marketing, natural gas exploration, fuel extraction, rail services and broadband capacity. For more information about Progress Energy, visit the company's Web site at http://www.progress-energy.com.

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